Real estate no more attracts NRIs and HNIs

HYDERABAD: Real estate in Hyderabad is not an attractive investment proposition for Non-Resident Indians (NRIs) and High Networth Individuals (HNIs), thanks to the prevailing uncertainty over a separate Telangana state. Nevertheless, the property market seems to be on a rebound as demand from genuine buyers is on the rise. “The greed of NRIs and HNIs to buy property has slowed down or come to a standstill. Now, the only buyers are customers with an actual need to purchase property. Demand from this needy segment is high which continues to boost the real estate market,” said Andhra Pradesh Real Estate Developers Association (APREDA) vice-president Bhawarlal Jain.According to APREDA, though the prices of raw materials like steel and cement have shot up, the property prices haven’t increased commensurately. “This is because land prices have fallen drastically due to the global economic slump followed by the political unrest in the state,” he explained. “There is an evenness in the prices compared to the past in spite of a slight appreciation in prices over the last six months.” Meanwhile, APREDA and the Foundation for Futuristic Cities (FFC) will jointly organise a two-day global summit ‘Vibrant Cities for a Vibrant Economy’ and a property show in Hyderabad on October 15 and 16.The property show will have nearly 200 stalls for developers, builders, business leaders and principal architects who are members of APREDA in order to showcase their offerings. The association is expecting footfalls to be between 45,000 and 50,000, as against last year’s 20,000. “The conference will deliberate on the lack of industry-agency coordination, data and technology problems and overlapping jurisdictions besides focusing on how technologies would help cities become livable in terms of safety and security,” said FFC president Karuna Gopal.